Fintech Startup 1Pay receives RBI approval for an Aggregator payment license
Fintech Startup 1Pay is among the first to receive main approval from RBI for an aggregator payment license
1Pay is a full-stack payment platform and one of the few that focuses on digitally uniting the disorganized Logi-Fintech area
The Reserve Bank of India (RBI) has given approval in principle to the fintech start-up 1Pay Mobileware Pvt Ltd to operate as a payment aggregator. With this, 1Pay becomes one of the first companies in India to receive approval from RBI for (PA) license for payment aggregator.
Founded in 2019, 1Pay is a payment aggregator that also brings transport, logistics and the banking industry together, and thus digitally unites the Logi-Fintech area. Currently, the platform has an annualized GTV (Gross Transaction Value) of INR 8500cr plus and an annualized transaction volume of over 30 million. The start-up offers payment solutions for logistics, OEM suppliers, OMC / fuel distributors and FASTag issuers.
1Pay is supported by ex-Goldman Sachs MD Sanjiv Shah and Sanjay Gaitonde. They founded Benchmark, which was India’s only AMC focused on the passive and quantitative space. Benchmark was a pioneer for the concept of ETFs in India
Commenting on the news, Sanjay Gaitonde said: “1Pay is creating a seamless payment platform for the disorganized sector that enables them to accept and make digital payments. 1Pay is one of the few platforms that focuses on digitally uniting the disorganized accommodation-fintech area. Furthermore, RBI’s approval for a start-up in the fintech area demonstrates the central banks’ commitment to digitally unite the country. “
The framework for payment aggregates, formally introduced in March 2020, mandates that only companies approved by RBI can procure and offer payment services to sellers. RBI has been strict in its evaluation of entities that have applied for the license for payment aggregator. Several online payment gateways that applied for the aggregator license came under intense scrutiny by the central bank for – know-your-customer (KYC) related problems, previous transactions with cryptocurrency exchanges and gaming apps, and for not complying with the online value criteria that RBI had posted
About 1Pay
1Pay is a full-stack payment platform and one of the few that focuses on digitally uniting the disorganized Logi-Fintech area. They bring transport, logistics and the banking industry on one platform, and thus unite the Logi-Fintech area digitally. Currently, the platform has an annualized GTV (Gross Transaction Value) of INR 8500cr plus and an annualized transaction volume of over 30 million. The company offers vendor payout system, B2B invoice collection system, e-governance, customized bill payment and BBPS. They also cater to the niche segment of carriers with an ability to enable seamless payment processing capability with state-of-the-art product approach.
